I'm still pretty new to the iron game, so I can't really speak from experience on this subject. I am about four weeks into my bulking diet, and I am gaining a lot of weight and only a little bit more body fat than before. Before I got semi-serious about the diet aspect, I felt like I would eat protein all day and still seem to lose weight. My strength gains were minimal as well.
Then I started using fitday.com to track my calorie intake, as well my P/C/F ratios. As it turns out (and like most people say on this forum) I wasn't eating enough. Sure, I had about 200g of protein daily, but the calories just weren't there--my job is a fast-paced job with lots of lifting and assembling which was also burning calories in addition to my training.
Once I figured that out, I just aimed to eat about 500 calories MORE per day than I was burning. My weight is going up and I look a little bit bigger already. I'm still only on my first cycle of 5/3/1 so I can't really comment on strength gains, but I will say each workout I am adding more reps or more weight than the previous workout (only on assistance exercises, though).
Anyway, the point of my story is that I think you should start keeping a food log... a site like fitday.com is perfect because all you have to do is type in what you have eaten every day and find the food you're looking for, and then input the quantity of that food that you ate. The website does all the rest (P/C/F ratios, total calories, calories from P/C/F respectively, calories burned vs. consumed, ect). It's super easy, free and essential to progress, at least in the beginning.
I wouldn't expect a lot of strength gains while you are trying to cut down, either. If I were in your situation, I would take extreme notes on everything you eat every day down to the last detail, make ABSOLUTELY sure you're burning more calories than expending (but limit it to about 400-500 calorie deficit) make sure you are getting adequate protein and good fats, limit carbs to morning/PWO, and drink buckets of water. Like I said before, though... I am still relatively new to this as well so all my recommendations could be way off. Hopefully some of the veterans will chip in and offer some advice as well.
In any case, good luck!